Shiba Inu (SHIB) Price May Drop as Whales Move Trillions of Tokens to Coinbase

Shiba Inu, the second largest meme coin, has been undergoing a sideways price movement in the past 30 days, with an emphasised decline in the past seven days.

Shiba Inu (CRYPTO: SHIB) has seen a downturn in price over the past seven days, with an increase in selling pressure.

Major holders of Shiba Inu have transferred trillions of SHIB in recent transactions. One such transaction, highlighted by a recent post on Twitter by @OnchainDataNerd, involved the movement of 4.29 trillion SHIB tokens to cryptocurrency exchange Coinbase. At the time of transfer, these tokens were valued at approximately $97.33 million, based on the prevailing market price.

The large-scale transfer of SHIB tokens to Coinbase provides these whales with a convenient avenue to sell their holdings, which could, in turn, introduce additional selling pressure into the market.

Furthermore, OnchainDataNerd's analysis suggests that the pattern of transactions from these whale wallets may indicate that they are controlled by a single entity. The tokens were reportedly accumulated in two separate periods—September 2021 and March 2024—with an average entry price of $0.00001309.

Given that SHIB is currently trading at a price significantly higher than $0.000022, a complete selloff of these tokens would generate a substantial profit of $41.22 million for the whale(s) involved.

News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-shib-price-drop-whales-move-trillions-tokens-coinbase.html

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